Unum Group (NYSE:UNM) Price Target Increased to $63.00 by Analysts at Bank of America

Unum Group (NYSE:UNM) had its price target raised by Bank of America from $54.00 to $63.00 in a report released on Thursday, Benzinga reports. Bank of America currently has a neutral rating on the financial services provider’s stock.

Several other research firms have also recently commented on UNM. Truist Financial lifted their target price on Unum Group from $62.00 to $70.00 and gave the company a buy rating in a research note on Thursday, August 1st. Wells Fargo & Company lifted their price objective on Unum Group from $69.00 to $71.00 and gave the stock an overweight rating in a research note on Thursday. Citigroup lifted their price objective on Unum Group from $62.00 to $69.00 and gave the stock a buy rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. decreased their price objective on Unum Group from $65.00 to $63.00 and set an overweight rating for the company in a research note on Thursday, October 3rd. Finally, Evercore ISI boosted their target price on Unum Group from $56.00 to $58.00 and gave the company an in-line rating in a research note on Wednesday, June 26th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $63.64.

Unum Group Price Performance

Unum Group stock opened at $61.63 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.28 and a quick ratio of 0.28. The company has a market capitalization of $11.45 billion, a PE ratio of 9.07, a price-to-earnings-growth ratio of 0.91 and a beta of 0.77. Unum Group has a one year low of $41.75 and a one year high of $62.21. The business has a 50 day simple moving average of $55.98 and a 200 day simple moving average of $53.43.

Unum Group (NYSE:UNM) last released its earnings results on Tuesday, July 30th. The financial services provider reported $2.16 EPS for the quarter, beating the consensus estimate of $2.02 by $0.14. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Unum Group had a return on equity of 15.55% and a net margin of 10.40%. The business’s revenue for the quarter was up 3.9% on a year-over-year basis. During the same period last year, the firm earned $2.06 EPS. On average, sell-side analysts forecast that Unum Group will post 8.47 EPS for the current fiscal year.

Unum Group declared that its board has authorized a stock buyback program on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 10% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Unum Group news, CEO Richard P. Mckenney sold 67,795 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $54.98, for a total transaction of $3,727,369.10. Following the transaction, the chief executive officer now owns 1,065,868 shares of the company’s stock, valued at $58,601,422.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Timothy Gerald Arnold sold 10,000 shares of Unum Group stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $54.11, for a total transaction of $541,100.00. Following the completion of the transaction, the executive vice president now directly owns 64,821 shares in the company, valued at approximately $3,507,464.31. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Richard P. Mckenney sold 67,795 shares of the business’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $54.98, for a total value of $3,727,369.10. Following the completion of the sale, the chief executive officer now owns 1,065,868 shares of the company’s stock, valued at $58,601,422.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Institutional Trading of Unum Group

Several institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in Unum Group by 7.1% in the 1st quarter. GAMMA Investing LLC now owns 3,071 shares of the financial services provider’s stock valued at $165,000 after purchasing an additional 204 shares during the period. Benjamin F. Edwards & Company Inc. boosted its stake in Unum Group by 2.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 10,126 shares of the financial services provider’s stock valued at $518,000 after purchasing an additional 217 shares during the period. QRG Capital Management Inc. boosted its stake in Unum Group by 1.8% in the 2nd quarter. QRG Capital Management Inc. now owns 12,786 shares of the financial services provider’s stock valued at $654,000 after purchasing an additional 226 shares during the period. FinTrust Capital Advisors LLC lifted its position in shares of Unum Group by 20.4% during the 1st quarter. FinTrust Capital Advisors LLC now owns 1,457 shares of the financial services provider’s stock valued at $78,000 after acquiring an additional 247 shares during the period. Finally, XML Financial LLC lifted its position in shares of Unum Group by 1.3% during the 1st quarter. XML Financial LLC now owns 19,630 shares of the financial services provider’s stock valued at $1,053,000 after acquiring an additional 250 shares during the period. 86.57% of the stock is currently owned by institutional investors.

About Unum Group

Unum Group, together with its subsidiaries, provides financial protection benefit solutions primarily in the United States, the United Kingdom, Poland, and internationally. It operates through Unum US, Unum International, Colonial Life, and Closed Block segment. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as individual disability, voluntary benefits, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products.